♪ ♪ imus in the morning >> some powerful voices are talking, the stock market down? good morning, everyone, yes, there is a lot of bubble talk, market watch and barons worry about the technology stocks. carl icahn worries about a market pullback and a fed official is nervous that's to a market that's set a series of new records and it's going up this morning. the new york post has a contentious report suggesting something fishy about the decline of the jobless rate right before the election last year and we have an obamacare

update, there's more trouble. the website will not be 100% ready november 30th. students getting cancellations numbers now and you'll hear testimony today that hacking your personal information is child's play. "varney & company" is about to begin. ya know, with new fedex one rate you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera. rivera, david. [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex.

>> the president's signature achievement back under the microscope back on capitol hill in the next hour, we will show you what's going on, but first, just take a look at the new poll numbers from "the washington post" and they're bad. 57% say they now oppose obamacare. flat-out. and a whopping 63% say they disapprove of the president's handling of that rollout. and now, we've got news this morning of, yes, another wave of cancellations. college students with school sponsored bare bones health plans are losing that coverage. these plans don't meet the standards of obamacare and now students across the country are forced to ditch cheap coverage

and buy more expensive insurance that they don't want, don't need and can't afford. it's going to be tough to get those all important youngsters signed up to put money into obamacare. the economics are collapsing from within. more headlines for you, quickly, let's go. on-line storage company drop box looking to raise $250 million. if successful, dropbox would be valued at 8 billion. double the level of 2011. wal-mart is facing charges from the national labor relations board, says that wal-mart threatened workers who were striking on black friday last year and judge napitano responds to that. strong arming by the government. to capitol hill. topic one, will the exchange be up and running by the end of the month? no, not completely. number two, how secure is your data if you sign up? not secure at all. the top of the hour those two hearings. the dow crossing 16,000, but we have a lot of chatter out there

talking the markets down, including talk from billionaire investor carl icahn. we'll deal with that in a moment. first, a controversial call at the end of the patriots game. brady to gronkowski, a flag thrown, the refs decided no penalty. carolina wins 24-20 and mr. brady upset, look at that. ? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade.

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♪ ricky don't lose that number you don't want to call nobody else♪ >> they're very good at picking the right song with the right lyrics because there are a lot of numbers in the news, obamacare numbers, poll numbers, dow 16,000, alleged manipulated jobs numbers. we're going to talk about all of that today. let's bring in scott shellady from chicago. now, look, scott, market watch, barons, carl icahn, they're talking the markets down. do you listen to the background chatter? >> no, but some people do. every now and then the market is allowed to go lower at some point in time, but it's a lot different this time around, stuart. stuart: 1996, alan greenspan's

exuberance and ben bernanke's apathy, where are the media and the news crews? we don't have them. stuart: to you it all goes back to printing money. how much and when do we stop? that's what it's all about, right? >> that's what it's all about printing the money and it's going to continue to happen. stuart: okay, you've got it. you've been right so far. and the dow industrials have opened ever so slightly lower. we're expecting a gain of 10 or 15 points and we're down 3 as we speak, that-- now up a quarter point. 15,976 is where we are now. and we often use home depot as a kind of economic indicator. the housing recovery has given a profit boost to that company and sales are also on the upside. nicole, the stock please. nicole: the stock is at a new high. i was looking for the analyst comments as well. the stock is at a new high and both home depot and lowe's have been the bright spot.

in home depot, the same-store sales on the rise, transaction volume higher and raised their outlook for the year. this is up 3.1 is%, a new high and a dow component. stuart: they were helping the dow move early on, back almost to 16,000. i've got a couple of retailer stocks to show our viewers, dick's sporting goods made more than the all-knowing analysts thought it would make. the stock is up 24%. down 17 cents this morning. a strong profit at best buy, however, the company warn they might make less money in the holidays because of the competition, look at that. the stock takes a hit. 6% down just because of that warning. 40 bucks on best buy. perhaps this is why there are rumblings of a tech bubble. just look at the on-line storage company known as dropbox, it was valued at 4 billion two years ago, now it's latest round of fund raising could double that value, 8 billion. and that's-- you know, it's 221 employees,

that's it. dropbox is a cloud company, lets you store your photos and other data and share with other people. okay, so that's $8 billion dollars for a company with 220 employees. how about that? look at the other social media stocks. facebook and twitter on the upside today. they were down big yesterday after barron's warned about that tech bubble, especially the media, internet media companies. so facebook and twitter back up just a little this morning. all right. moving away from the markets, in the final jobs report before the presidential election last year. the unemployment rate fell miraculously from 8.1 to 7.8%. maybe that gave president obama an edge over mitt romney. shortly before it was released jack welch tweeted this, unbelievable jobs numbers. these chicago guys will do anything, can't debate so the

numbers. and quoting an anonymous source, the new york post now reporting that the numbers were manipulated by the census bureau, it's a highly contentious report with anonymous sources. i want to bring art laffer into the whole employment picture here. i don't want you to comment on the post report, art. that's over there, shall we say. but look, the unemployment rate did take a dip right before the presidential election and it's not recovered-- i mean, the unemployment rate isn't recovered to that low level that we used to have. give me your comment on this drop right before the presidential election. >> well, i have no idea literally why that drop occurred, stuart, but what i do really-- problem is whenever any aspersions are cast on organizations like the bureau of labor statistics and the census bureaus and government institutions that transcend political partisanship and

transcend this president, that president, the other president, whenever they go after these institutions it puts a huge crack in the foundation of america. these insidious politicalization virus that's hitting these things is really a shock to the foundation of what you can and cannot trust coming out of government. you know, it's not really, stuart, it's really not whether it's true or whether it's false. stuart: yeah, right. >> it's whether it's plausible and right now with this politics going on, with this white house and this congress, and i really do put it at pelosi and reid on this, but they've made this political. the mra plausibility is there. it's awful. stuart: remember, art, you've also got the irs scandal. >> that's what i mean. stuart: that was government used to intimidate. >> and the nsa as well. it's pervasive, this whole politicalization of everything. and that will kill us more than

any political party, any obamacare, any of the other stuff. i mean, when we were there, i was in the white house during the nixon administration and the one thing we never, never ever questioned was the validity, the value, the concreteness of the numbers that came out from bls, from census, from these. they were rock solid, done with, without bias, without prejudice and done correctly. when you start questioning these organizations you've got the very foundation shaken, to my way of looking at it. stuart: well said, art laffer. thank you for coming on board, we appreciate it. >> thank you very much, stuart. stuart: let's get to obamacare. according to documents released by the house, energy and commerce committee, the obama administration was warned as early as march of this year about potential risks with the rollout of healthcare.gov. two hearings on this next hour. one about the security of the website itself and your information, and two, the effort to fix the website by

november 30th. congressman leonard lance, republican from new jersey joins us now. congressman, i'm saying there is a 30% chance that obamacare will be just fully repealed because it seems to me, it is collapsing from the inside. may i ask what odds you would put on it? >> i think those are good odds and certainly, i think it should be repealed and replaced and unfortunately, the president does not agree with us on that issue, but the fact that the websste is a complete debacle and beyond that, the substance of obamacare, i don't think it's going to work and i think that it's becoming more eminent with each passing day, stuart. stuart: now, there are two hearings today. one is going to say, look, hacking into your personal information is child's play, i believe that's a direct quote. and the other suggests by november 30th, the obamacare website will not be fully, 100% operational.

this is more damning evidence, isn't it? >> certainly the american people should be concerned about our personal security. all of us who are americans and that's a critical issue. regarding the november 30th deadline, i do not wish for its failure, but i suspect that it will not be fully operational by november 30th and i think it should not have occurred beginning october 1st because we now recognize that private consulting groups indicated to the administration that there would be significant problems regarding the website. stuart: and some people were to be fired, would that in any way satisfy you, sir? >> that certainly should be examined and let us suppose chris christie, my friend and colleague were president of the united states, certainly he would have taken charge and be my estimation that heads would leader who could work with both sides, such as governor

christyie has done in new jersey and we need that for the presidency and we don't have that at the moment. stuart: that's a solid plug for chris christie and his aspirations in 2016. >> i'm a strong supporter of chris christie and i hope he decides to run for president and if he does i will be among his vigorous supporters. stuart: one question, republican tactics as obamacare falls apart. are you going to stand on the sidelines and watch it implode? >> we suggested that the mandate delayed for a year and when the business mandate comes on-line we expect there will be many more americans who will not be able to keep their health insurance policies and at the very least, it should be delayed and obviously, i favor its repeal and replacement. stuart: congressman leonard lance, republican, new jersey. thanks for joining us, sir, we do appreciate it. >> thank you, stuart. stuart: so some breaking news

from treasury secretary jack lew. lew tells the wall street journal that the debt ceiling should be raised way in advance of the february deadline and also speaking of the vo called volcker rule that limit what a bank could trade in, lew says when in doubt regulators should e. rr on the side of more financial regulation. those comments made at a conference. the ipad air, ipad mini, you can bet they will sell well this holiday season. which is the smart buy? our tech geek tells us after the break. ♪ you tell me that it's evolution♪ ♪ well, you know, we all want to change the world♪ ♪ when you talk about destruction♪ ♪ don't you know that you can

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>> where is the price of gold this morning? i will tell you, 1,236 per ounce, we're up 3 bucks this morning. got a stock for you, campbell soup cut its full year profit forecast after a drop in demand and they take that down 6%, campbell soup. urban outfitters warnings of a tough holiday season. could be forced to have more discounts. investors don't like that. down 2%. apple releasing two brand new ipad models, i believe, is that right? are they two brand new ones? >> absolutely right. stuart: hold on. >> go for it. stuart: i've got this okay. the new full size ipad air and a brand new ipad mini with a high definition screen. rush is here, and you've got them with you.

that one you're holding there. >> the air. stuart: thinner, lighter? >> lighter, that's the big difference between this ipad and the last ipad and this is the ipad mini with a retina, they call it the super high-def screen. stuart: right, what's the smart buy for our viewers. >> it's easy, there are two big differences, the ipad mini is cheaper and the difference is the size. it's a question of what are you going to want to carry around every day. me personally i like carrying around the ipad mini, the size of a kindle, not super heavy, totally easy to slip into any sort of bag. but maybe i have vision problems or something like that, not saying about you, but other people maybe. stuart: go ahead, did you hear that? >> they might want to opt for a larger screen. stuart: in the tablet marketplace, you've got the microsoft surface and google is out with the nexis. samsung the galaxy tablet. do you think that apple, they're tablets. >> yeah.

stuart: with the mini and air, do you think they'll dominate the tablet market? >> i think they have a good shot. the air is selling well, better than the previous ipad and there's an element of people wanting apple devices, they're the go-to device. stuart: still cool? >> absolutely. that being said, google and their, you know, android devices are starting to catch up to apple in terms of market share, in terms of that cool factor as you call it. unfortunately, windows is really-- microsoft is struggling with the surface. a lot of their eco system is not up to snuff and hoping that the tie-ins with the xbox later this week will make a difference. stuart: apple, the tablets from tap apple, that's where it's at this holiday season. i want to move on to something called dropbox. you're familiar with it. >> absolutely. stuart: they're raising money and the price at they've raised it, $8 billion.

they've got 221 employees and they're brand new, fresh out of the box. do you think they're worth $8 billion? >> i don't personally think they're worth that much money. i think what you're really running into, this is a company that offers a valuable service, which is storage on-line and share links and files all over the country. and i use it for work. that being said you have companies coming into the space, like microsoft with their take, it's called sky drive. essentially the same thing, but once you start having a lot of companies offering essentially the same product, it's just brand loyalty at that point. stuart: so i've got my brand new iphone. >> well, brand new. stuart: it's a 4 s. >> maybe a little old. stuart: okay, now if i went and got drop box on this thing i could put my music up there in the clouds, store it there. >> sure. stuart: video, photographs, store it up there, i pay for the service and storage? >> drop box gives you a free-- >> to start with and eventually

pay for it. and anybody want to share the music, give them the password and that's part of the tech bubble isn't it. 8 billion for a company. >> i completely agree it's overvalued, but there's a lot of demand for this product in particular. the problem is anyone that has the service space and technology know how could do the same thing. stuart: if i upload, is that the expression, upload music into the cloud i'm not using valuable memory and storage space in my little 4 s. >> you could stream it right to your iphone if you wanted to. stuart: so that's a plus. >> that's a plus, a benefit. stuart: you use dropbox all the time. >> yeah. stuart: why don't you use the sky drive from microsoft? >> it's relatively new. stuart: help me. charles: i'll work on it, sir. stuart: last question, the xbox from microsoft. charles: you're going to get it. stuart: you're all right, i don't care what they say about you. you can come back.

>> thank you. stuart: thank you very much indeed. and calling into president obama's credibility, the irs scandal, maybe some bogus numbers from the labor department on unemployment and of course, the obamacare rollout disaster, my take on all of that as the dow drops 14 points. ♪ how do you like me now ♪ how do you like me now, now that i'm on my way♪ ♪ you still think i'm crazy, standing here today♪ ♪ i couldn't make you love me, but always dreamed about living in your radio♪ ♪ how do you like me now

>> we know our viewers and we know that you do not like all of this money printing by the fed. well, in our next hour, one of the architects of the money printing policy says he's sorry. that's right, a former fed official will apologize, plus, brian kilmeade is here talking about his wildly popular book on george washington's spies. how much money will we make for him by the number of books that we sell here on varney? i want a piece of the action. there's something not quite right about last year's presidential election. that unease is taking a toll on president obama's popularity and his credibility.

here is my take. three issues have surfaced that suggest manipulation and deception ahead of last year's reelection of president obama. one, the intimidation of conservative groups by the irs. we haven't gotten to the bottom of that yet, but there is clear evidence that the president's political opponents were, shall we say, leaned on. it did affect the vote. two, obamacare, the president knew that millions of people would not be able to keep their health plan they hiked liked. he didn't tell us because it would have cost him a lot of support. his deception clearly affected the vote. third, today there were reports that the job numbers were manipulation in the president's favor before the election. the unemployment rate did indeed drop below the all important 8% level. add all of this up and you have an election that was affected by what used to be called dirty tricks. it's beginning to rub off on the president.

his approval rating dropped to a new low for his presidency and his growing signature obamacare. and his credibility is in freefall. his opponents should not be cheering, it's not good when america's president loses the trust of the countries. all right, i know this is wishful thinking, but i'm going to do it anyway, repeal and replace obamacare, cut tax rates, go get the energy, which is ours, return to individual responsibility and freedom. do all of that, mr. president, and you could bask in the glory of prosperity and liberty, the way america ought to be. my mantra? family first.

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tooth stuart tuesday, november 19th 11 days until the obamacare web site fix and the government is about to admit that, no, it will not be fully ready. but hold on, a lot more where they came from. an apology from the man who first cranked up the printing presses. he says it's not helping you. of he's with us today. the judge details union strong arm tactics to squeeze money from walmart with government help. you can bet he's got a comment on that. so where do the 1%ers live in and around washington, d.c., the seat of. we've got a report on that. the holiday shopping season, not good says the guy who represents the big retailers, and he will be here. and we have more on the charge that the government manipulated

the jobs numbers right before the election. all government, all the time on "varney & company"? oh. [laughter] ♪ ♪ stuart: relax, everybody, we've not gone to the other side. don't worry. [laughter] what's wrong with the other side? everything. all right. two big hearings on obamacare taking place on capitol hill, one will focus on whether or not healthcare.gov will be ready to go by the end of the month. it won't, of course. the other looking into security flaws within the web site. here's rich edson. all right, rich, let's deal first of all with the readiness of the obamacare web site by the end of this month. what are they going to tell us today? >> reporter: well, administration officials say they're working on it, it's getting better, and for most people by november 1st it will be operating. but republicans say they've got a document showing consultants

warned officials including hhs secretary kathleen sebelius of significant technical problems with healthcare.gov this april as the administration was promising the site would be up and running by october 1st. the white house says officials acknowledged there were red flags, they never thought it would be this bad. stuart: i'll bet they didn't. all right. the second hearing about the privacy of the information you put out there, is it safe? what are we going to hear on that? >> reporter: well, republicans say they have a hacker testifying, someone who they say works for the good side, he hacks for companies to find vulnerabilities. the hacker believes he found a way to get customers' personal information, and he's going to tell us how -- not exactly how, but tell us somewhat how in the next hour or so. stuart: glad we don't know exactly. [laughter] >> reporter: right. stuart: pay close attention, rich. thank you very much, indeed, rich edson. to the big board, we're up 18 points just shy of 16,000. all kinds of talk about the markets heading down.

the word bubble has been used compared to technology stocks, market watch, barron's, carl icahn. they're talking the markets down. i want to bring in charles and sandra on this. sandra, first of all, you're out there in chicago, what do you make of all this talking down the market? doesn't seem to be working today. >> reporter: i don't know if you could necessarily say that carl icahn is talking down the markets. i mean, he's really, you know, the voice of the markets this general right now, the voice of investors who have been questioning whether or not we can hold on to such a rally. i mean, we're looking at about 3.6% earnings growth for the s&p 500 this quarter versus last quarter. charles payne is going to argue that renders the stock market rally that we've seen. stuart, however, carl icahn's point is taken very seriously, and that is that the low interest rate environment is largely helping out the stock market rather than the management of these companies in particular. so he's just questioning whether or not the fed's easy money

policy has artificially brought us to this point in the stock market which is a reasonable question to be asking at this point. stuart: yes, it is, sandra. what's your response b be, charles? >> sandra already answered for me, but i'll try. carl icahn said that that easy money was manipulating the bottom lines. i don't connect those dots. i don't know how the if i'm selling pizza how easy, fed easy money is manipulating the bottom line. so if the i'm lumber liquidators, how the fed easy money is manipulating bottom lines, or if i'm operating a restaurant, cracker barrel, how does the fed easy money manipulate my earnings per share? i don't know how that work withs. i don't know how carl icahn came to that. also i disagree with sandra as far as him being the voice of individual investors. individual investors are not giddy about this market. this is the most unloved stealth rally in the history of the market certainly since i've been watching it and, of course, anyone could say of course it could come down. of course it could come down.

it's going to come down at some point. but what about all the people that have spooked people out? my biggest beef is someone's going to try to take a victory lap after they're missed 10,000 dow points but also ignore the point that they kept millions of americans out of this market because they've equated the market simply to the fed when there's so much more to corporations and business in general. stuart: well said, charles. let's get tesla. i think it's up a little bit this morning, but it's still way down from its high, isn't it? >> reporter: well, that's right. the high was at nearly $200, now it's at $125.60. there's a gain today of 3.3 percent but, of course, this could be a little bounceback. number one, the stock is down 20% for the month of november. number two, elon musk has come out with strong words about the safety of tesla and continues to talk about its safety overall despite the fact that nhtsa which is the national highway traffic safety administration opening a limb their look, a preliminary investigation as to

why there were three tesla fires in six weeks. stuart: hold on a second, nicole, because i want to tell our viewers exactly what elon musk, the guy behind tesla, here's what he tweeted just a few minutes ago. why does a tesla fire with no injury get more media headlines than 100,000 gas car fires that kill hundreds of people per year? what do you say to that, charles? >> there's a lot of reasons for that. first of all, there's a lot of animosity. when someone is big like that, elon musk, he's on the cover of magazines. in america we like to build be people up, break them down and let them come back to life. i find that these professional shorters have a lot of friends in the media. they have ways of getting negative stories out there when they're heavy short positions that tend to hurt stocks from time to time that get them out there all the time. and i see them with -- you look in any stock with a short position over 30%, and you'll find an extraordinarily large amount of negative media coverage. stuart: really? >> yes.

stuart: we don't do that on "varney & company." never close to that. >> we've discovered this thing called fair and balance a while back. and and if we stray, the judge will set us straight. stuart: we're going to get to the judge right now, i do declare. sit up straight. [laughter] >> yes, father. stuart: the national be labor relations board says walmart unlawfully threatened its employees after taking part in a walkout on black friday last year. walmart will probably end up settling. the money they pay out looks like -- look, it looks to me like a politicized prosecution of an unpopular company by the government. all rise, the judge is here. what do you think? >> well, i say that the nlrb is such a blatantly political body, no matter which president is in office. under this president it is filled with nominees from labor unions. under george w. bush it was filled with nominees from management, and it shouldn't be that way. the purpose of the nlrb is to

provide a neutral forum for labor management disputes. that's the baseline. the forum is no longer neutral. the forum now mirrors the ideology of whoever the president is. now, in this walmart case do they have the right to black out on -- walk out on black friday? absolutely not. does walmart have the ability to discipline them? of course it does. do they have the right to march many front of the building and engage in pro-union labor activities even though walmart is probably the largest nongovernment employer in the country that is not unionized? yes, they do have that right, and they cannot be punished for it. but when the nlrb is deciding what they're being pubbished -- punished for, refusing to work on black friday, there's no intellectual credibility to that judgment. stuart: it's entirely politicized. >> precisely. stuart: walmart's unpopular with the unions, with the administration -- >> walmart is loathed by the

nlrb. let me tell you something, if the judge hates one of the litigants, the judge has to get off the case. when the nlrb starts out disliking walmart because there are no unionization, it can't be fair to walmart. stuart: do you agree walmart will almost certainly settle, the money will go to, i guess, what, the individuals? >> the nlrb cannot award damages, it can only award back pay. so if walmart did not pay or docked the pay of hundreds or thousands of workers who walked out on black friday, the nlrb can order them paid for work they didn't perform. now, you could argue that that's damages, but it's really pay, and they're going to be taxed on it. they cannot award -- [inaudible conversations] >> yes, yes, it does encourage -- >> it almost legalizes walkouts. >> under this nlrb, yes. under a more neutral nlrb it wouldn't and shouldn't.

even though i oppose the administrative and regulatory state, the concept of a fair the nlrw was a decent idea because it removed from the courts which take a long time to resolve these thing and put it in the hands of experts the ability to resolve quickly and definitively these disputes. but when it becomes so one-sided, always pro-union, always pro-management, nobody gives it credibility, and the people who win rejoice, and the people who lose say we didn't get a fair shot. stuart: this administration is always anti-private enterprise. >> yes. stuart:tail beat up on the banks, the investment firms, health care insurers, drug companies and walmart. >> and one of the weapons of doing that beating up is the nlrb. stuart: it's the machinery of government which they will employ in a partisan way, and it should not be applied in a partisan way. that's an opinion. >> but i don't think that'll change because the republicans want to be able to do it when they're in power, and the democrats want to be able to do it when they're in power, so the

law is written so that the president can put anybody he wants there. suiter stuart i think you've gone over to the other styled. >> what do you speak of? stuart: i can't define it. anybody who disagrees with me. [laughter] >> in other words, a real crowded space. >> yes. stuart: you want to qualify my opinion? >> never. stuart: thank you, judge. >> pleasure. stuart: red flags went up after the labor department announced a huge drop in up employment from august to september in 2012. it was the final jobs report before the election. shortly after the number was released, jack welsh, no less, tweeted this: unbelievable jobs numbers. these chicago guys will do anything. can't debate, so change numbers. "varney & company" regular ed bear tow sky had this to say back then. >> when you have 600,000 people that are counted as employed when they're really either part-time workers or volunteers, that ticked that number down. i don't think you going to see that replicated in this number

again. stuart: now we have got a highly contentious report citing anonymous sources now i saying that jobs report right before the election was manipulated. what do you say to that, charles? >> i've got to tell you, the author of this article, fantastic. they talk about one guy this particular, a guy named julius buckman who was caught, i guess, faking some of this data, but apparently he said he was told to make up information by higher-ups at census. it sounds eerily like some of the other scandals that we've heard where pressure came from higher-ups to do -- stuart: but that's only one person. >> that's only one person -- stuart: he does not name the higher-ups who allegedly told him -- >> the source does say, quote, he's not the only one s. it's one of these things where the source is anonymous. i think the bottom line is we've got some reporting that's matching what we all call common sense. so it's all kind of dovetailing together, but it's after the fact. it's almost like everything else leading up to the election --

stuart: hold on, you could also say that the decline in the unemployment rate was the direct result of hundreds of thousands if not millions of people dropping out of the work force. that's what pushed the rate down, not so much manipulation of the numbers. >> although, you know, when you make up numbers and you make up numbers in a way your bosses would like, that helps as well. yeah, we know the economic miracle of our lower unemployment rate has been millions of people abandoning the job market. stuart: do you want to make a comment, judge? >> yes. depending on the format in which he released those numbers, he may well have committed a crime because if he swore to the act accuracy of them, he committed perjury. knowing they were wrong but believing his bosses -- one of whom was running for re-election -- he committed a crime. suiter stuart that's interesting. >> and guess who decides whether or not to prosecute? your favorite attorney general, mr. holder. [laughter] don't hold your breath. stuart: judge, thank you very much, indeed.

a new study by harvard university and the university of pennsylvania finds that college students who cheat are more likely to go to work for the government. [laughter] >> you making this up? stuart: no, i'm not. researchers asked students to roll a pair of dice and report back the numbers. those students would be paid more if the numbers they rolled were higher. they found that those p students with abnormally high numbers were more likely to want to pursue a career in government. make of that what you will, but it's from harvard and the university of pennsylvania which are pretty good institutions, judge. >> they are. stuart: that's all you've got to say. [laughter] smart guy. the warning are out. first, morgan stanley, then the national retail federation itself. you won't be spending as much year on your holiday shopping. that's what they say. we go straight to the source after break. ♪ ♪

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at 8 a.m. on this friday, walmart will cut prices of some of the most popular toys and electronics to match the offers from target, toys r us and best buy. and if you buy something at wal-mart, then you find it cheaper someplace else, show walmart the ad, can and you get a gift card with the difference. one of the reasons why best buy is down today, the company is making it will make less money this quarter just to keep up with promotions like you just heard: look at it go down 9%. that's a huge drop for that stock. the national retail federation has predicted that fewer people will trek out this year versus last year for the holiday shopping period. the national retail federation's vice president dan butler is with us this morning. thanks very much for diswoin joining us. a lot of these numbers can be wooly, and trends can be difficult to get to grips with. are you telling us that this holiday shopping season we will spend less money than we spent last holiday shopping season? >> well, when we polled our

consumers, the consumers told us that they intend to spend slightly less. but what we've also seen in previous years as most years, the consumer actually spends more than they plan or they actually hope to, and so what we think you're going to see is a airily promotional -- heavily promotional holiday season. retailers are starting earlier because there are six days less between thanksgiving and christmas this year. retailers plan for that, and they're really hoping to entice the consumer to spend more. we're still looking at a 3.9% increase over last year's holiday sales, and we think that's still very healthy. suiter stuart okay. i'm getting a mixed message here. do you think that the discounts being offered are bigger than last year, and they're offered earlier than last year? >> well, i think there's more promotion, but i think what you have to remember is it's not necessarily about the biggest markdown or the lowest price. the consumer's looking for the value they get for the price they pay for the product. so the consumer is much more savvy than ever before, they

have more information thanks to their access to the internet, and they're making wiser choices and they're more discerning. it's really more about the price and value equation, if you will, than just the lowest price or the biggest markdown. stuart: really don't you think for some popular items like electronics especially there's a straightforward price deal? i'll buy my ipad where i get it cheapest, it's as simple as that, isn't it? >> well, sometimes on a specific item it can be that way, but generally across the board the consumer's looking at all items whether it's something that they really need as a basic need or a luxury item. they're looking for the best value for the price they pay. so it depends on what they're looking for out of that particular product. and you do have key loss leaders or key items that are maybe put out for the public at a lower price in order to draw them in the store with the hope that buy other things in the store and do some additional shopping this the store. it's not just about the individual items if they're

geared toward bringing you in the store. stuart: we used to call those loss leaders back in the old days. let me sum it up, you are looking for a 3.9% increase in the amount of money consumers spend this holiday season, and that to you would be a so/so season, correct? >> well, we actually think that's a healthy, respectful increase over last year's sales. that's a healthy number and a number that the retailers would be happy with. stuart: well, most of them are up today except best buy. thanks so much, indeed, dan butler, appreciate it. charles, what's this? you're going to make us some money with a company that's based in china? >> yeah. for the longest time we were using things like caterpillar as a proxy for china. this is a different kind of china, it's not about building bullet trains, but really internal demand. one of the areas i think is going to do really well is the life insurance industry. the first half of business was absolutely phenomenal. they found a great business, up

225% year-over-year, individual businesses up 8%: this is a very well run company, they added almost 10,000 extra employees, they've lowered their acquisition costs, their administration expenses, and it's run conservatively, you know? it's a real company in a place where wealth is starting to spread and people want quality life insurance. stuart: you've just recommended this company, you like the stock, today it's already up 3. you're saying that the numbers are really good, the outlook is really good, it'll go up some more above and beyond -- >> absolutely. stuart: -- the 3% gain today. >> absolutely. stuart: it's not too late to chase -- >> it's not too late. i'm asking subscribers to buy and hold. stuart: a lot of our viewers see something go up 3%, oh, that's it. >> if it's a trading play, yeah. but anything be i mention on the show i think is going to be a minimum of a 10% move. suiter stuart really? >> yeah. institute institute now he tells us. the online storage company drop box, could it be worth $8

billion after barron's warned that a tech bubble is coming or we're in it already? we'll discuss dropbox, a phenom, next. ♪ ♪ [ female announcer ] tide pods three-in-one detergent. pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tideod

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stuart: moveing a little bit heighter ae speak, 16,010 is where we are now. good numbers at salesforce.com, the stock's moving lower, it's been up 30% this year, now it's down 3 percent. all right. be are we in a tech bubble? look at online storage company dropbox. it was valued at $4 billion -- that was two years ago. now it's got some fundraising going on that values the company at $8 billion, and we understand it's got only 221 employees. liz? >> yeah. this sure feels bubbly. i cover corporate accounting scandals at "the wall street journal." i still talk to my sources in the i have and on wall street. they say there's a selective bubble, tiny little bubbles breaking out in tech. so dropbox, 250 million in sales, applied valuation is now

$8 billion. we saw, charles and i were just talking at the break, how hp bought a competitor for a fraction of that, hp bought a competitor at just two billion be. the valuation we're talking about with dropbox, it's about 40 times the valuation was. they had the same revenues as dropbox, but dropbecomes' valuation is 40 times -- stuart: because it's now. we're in the bubble. >> right. stuart: so everybody understands, so i do too, if i've got my little iphone right here and i've got my music on it, hi pictures, my i videos, etc., etc., i can store all of that up there in the cloud, and other people -- if they wish and i wish -- they can have access to my music, videos and photos. >> yeah. stuart: dropbox is storing it for me. now, they charge me, but other people have access to it be i want them to. >> right. it's an exciting business model. that's thrilling, right? amazon, google, microsoft, also

coming into this space as well. so the deal is how do you make money off this? listen, we've got cheerleaders on the air on our competitors who drive me nuts when they say, this is great. buy in this ipo. if it's good if you get in on the first floor, not on the fifth floor. stuart: do you say that facebook and twitter are highly inflated? >> i say -- well, the market's taking off some of those floors put in both those stocks. what i'm saying is this, for a tech company to turn itself into a verb like googling, it as to be a necessity. it can't be based on ephemeral, fickle teenagers who move to the next thing and who do not have the purchasing power to buy, you know, tvs or cars or even white ware like washing machines. so cool as a business model, it's always dicey when you have competition breathing down your neck. stuart: inflated values, charles? i'm talking about dropbox at 8

billion, twitter, facebook, do you think it's inflated? >> it is inflated. the argument is how fast would it take these guys to get to the bottom line numbers that would justify it. traditionally, the market is a forward-looking device. you're buying future earnings and profits and, of course, they're not going to get there in a traditional amount of time. it's going to take them a lot longer. but, you know, it is a game and, you know, we were talking, e. mac and i, about the fax that there aren't -- fact that there aren't so many out there and it's slated at these kind of high fliers. maybe as we do get these ipos, maybe the market will correct itself. >> i don't know if we'll ever get to the stage where we have snapchatting as a verb -- stuart: that was $3 billion. they rejected it. they want more. >> that's right. they want more, right. the advertising universe is finite, it's small. you can get a chunk of the online ad revenues but with the twitter valuation, that was coming in at a third of the $120

billion in online ad revenue. so, you know, that's really striking. stuart: the one point i'd like to make is these high-flying technology companies, all american, they concentrate wealth. snapchat has, what, 20 employees, and it's worth $2, $4 billion? >> 221 employees. stuart: for dropbox, about 20 for snapchat. that's the concentration of wealth. it's not the creation of mass employment. >> yeah. it's got to make policymakers crazy because manufacturing is where you make job growth. where you have smaller tech companies with tiny work forces, right? popping out all over the place, you've twot the rethink the business model. stuart: it's so exciting. >> king lud is coming out again. stuart: me? smashinn machinery in the -- >> you're right though. listen, it's a legitimate question where we're going in this country because even with the 3-d printer, you think about 20 years from now how advanced

that will be, do you really need production lines -- >> i actually like your new name, ned varney. [laughter] >> he's upset. i apologize. stuart: you can't upset me. [laughter] all right, the feds keep on printing, don't they? the markets keep on rallying, don't they? after the break one fed official saying he's sorry the money printing didn't work. he's going to, plain himself after this. ♪ ♪ ♪

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stuart: back to one of the big stories f the day, you're going to hear a hot about this, congress holding two hearings on the obamacare web site's security and its failed rollout. first, though, look at these new numbers we've just gotten in from "the washington post." 57% -- a whopping number -- now say they oppose flat out obamacare, and 63% say they disapprove of the president's handling of that rollout. what do you -- that's a political statement, essentially. that's got political reverberations. what do you say? >> you know, listen, i agree a thousand percent, and it seems

though that the administration has gone down this line even with the press conference last week, the president sort of alluded to his apology which was, you know, in the middle of an interview with one guy, and he was being pressed. it wasn't the same sort of, hey, rose garden celebration, this is the greatest thing in the world, or, hey, let's have that 8:00 at night address to the nation. where's the true, honest mea culpa? the president still is like you picked something that was substart, i'm going to pick something better, and every day something more comes out. how about mckenzie saying you guys are making a mistake -- stuart: they said it in march. >> early this year. stuart: and they said it in meetings with the people at the top of the tree. i mean, the -- i should have their names. they had, um -- i'm sorry, i've lost my notes here. but, essentially, it was the top people in the administration who were being told in march of this year this thing ain't ready for

prime time. >> ideology and ego has driven this entire process, and even people who may be your fans understand that there's a time to step back and consider the end user, in this case the american public. stuart: well, he's paying a price for it. you know, i'm always going on how the federal reserve just won't stop printing money anytime soon, that is my opinion. we're joined by a former fed official who says -- andrew, welcome to the program. >> thank you. stuart: you executed that operation, i believe, you helped execute it, and now you say you're sorry. why? >> well, it's my first apology to america, hopefully, it'll be my last. [laughter] stuart: we hear you. >> but in all seriousness, the reason why i apologize is because five years ago i believe we had a major wake-up call in this country with respect to the structure of our economy and the banking sector that has gotten too big, and five years later the structure of our economy

looks eerily similar. we have 2% of banks controlling 70% of assets in this country. and i believe ultimately the fed and i in helping the fed, we helped squander a very critical opportunity to tool our economy. stuart tooth okay. let's go back to day one. the start of the money-printing operation. you cranked up the presses, you put the money into the banking system. at first wasn't that successful this stabilizing the banking system? that was a success at the time. >> yes. stuart: so why having -- you've gotten mild success there. why did you keep on printing two, three trillion more dollars? what was the thinking behind that? >> so to your point exactly, at the beginning you have to realize where the economy was. we were still in a freefall. two million americans had lost their jobs in the fourth quarter of 2008, 2% gdp contraction. qe1 had two purposes, to help the banks delever by buying bonds off their balance

sheets -- stuart: and it worked. >> it worked. stuart: you stabilized the system. so why print another two or three trillion? >> the other issue was it was supposed to help average consumer by getting credit into their hands, making credit more accessible to them. and what i -- what i talk about in my piece is that we saw that that wasn't working. and so, you know, there had been a net decrease in lending, in mortgage lending -- the program i worked on, during the time i worked on it for the 15 months. and so i believe at this point that's where the mistake was made. continuing q with -- qe. stuart: but why was it making? if it wasn't getting the economy moving, what was the thinking behind keeping printing? >> so, you know, we live in a crisis-driven political system at this point. structural changes probably need to happen, but congress is gridlocked. so i believe the fed thinks that it's the only game in town here and that it really needs to help create growth, and even though

it isn't perfect, it's the only one that has some ability to try to influence the situation. >> here's the frustration, and by the way, i've heard bernanke sort of echo what you're saying, like if we can get any fiscal help, maybe we wouldn't have to take these crazy monetary risks. but from a main street perspective, why do we have to put so much money into saving a handful of big banks? why are they buying $45 billion a month in junk from banks? why do they keep coming ahead of the american lick, yet we all risk an implosion if the fed's balance sheet boils over? >> i believe in the fed, and i believe they are smart, well intentioned -- >> why do banks come ahead of main street? >> the fed can only work through the banking system, so by pumping money into the banking is sector, it is hoping to have this impact on the economy. and the issue -- stuart: okay. real fast now, when do you think they're going to quit printing? >> i think it's an open

question. i think a taper may happen, they're talking about march at this point, but the idea of putting this tool away with a economy that's chronically underperforming, we could be looking at this indefinitely haening. stuart: ah. all right. we watch the market go up. thank so much indeed, andrew. >> thank you for having me. stuart: it's called george washington's secret six, the spy ring that saved the american revolution. it's brian killmy's new book, and he's going to be with us about that book, next. ♪ ♪ (vo) you are a busins pro. maestro of project management. baron of the build-out. you need a permit... to be this awesome. and you...rent from national.

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♪ ♪ stuart: the national highway traffic safety administration announcing it will be launching an investigation into recent fires that destroyed two tesla model s sedans. tesla's chief, elon musk, down playing the fires saying there's no reason if for a recall. tesla's stock is at 125, way below its high. google agreeing to pay $17 million to 37 states and the district of columbia to settle charges that it tracks customers on line without their knowledge. google says it discontinued the racks early last year, is working hard to get privacy right. check the stock, google's down

63 cents at 1,030. some retail stocks in the news, look at best buy down big. the company worried about competing with deals from competitors like walmart in the christmas season. best buy down 9%. that is a huge drop. home depot, a dow stock, up 2%. [ male announce] imagine this te blob is metamucil.

and this park is the inside of your body. see the special psyllium fiber in metamucil actually gels. and that gelling helps to lower some cholesterol. metamucil. 3 amazing benefits in 1 super fiber. stuart: brian kilmeade is with us, he's got a new book out called george washington's secret six, and it is climbing

"the new york times"' best sellers list. good to have you with us today. can you hear me okay? >> stuart, i hear you great. thank you very much for the slow. stuart: i've got some rapid-fire questions. first of all, how much does the book cost if i buy it on amazon? >> i'm not sure because when it became a best seller, it got decreased by, i believe, $21. barnes and noble, about $31. but if you order from my web site, i'll autograph and send it to you. stuart: okay. how much do you actually get for each copy of this book that is sold? you personally? >> not much. stuart: okay. and for every extra book that we sell through "varney & company", what will be my commission? >> i will put it towards your wardrobe budget. [laughter] and that's what i'm going to do. i'm going to upgrade the personal -- i'm going to give that tailor the tip they need, because stuart varney so big, they show up with a bunch of swatches, and they say, imagine, mr. varney if any of these

squares of material could become a suit, and he puts his head up to the sky and imagines stuart varney in a beautiful, tailored suit. with my book revenues selling so well, we can afford it at varney and company, and the crew can all get raises, a round of applause for the crew who i believe are underpaid. [laughter] stuart: enough of this. going nowhere. this is a true story, isn't it? this really was george washington's secret service. he had them, right? >> yeah, he did. and and it was called secret service, but i thought secret service to us means security. and we think about keeping somebody safe. these, this was a group of people who were asked to be spy and spy on the british. see, there was one decisive in the war, it was the battle of week lin, and it was so bad for washington, he knew he could never face up with your british trips again head to head. he had to outthink them, outsmart them. so's able to escape miraculously, and i chronicle with this fog that came out of nowhere that allowed him to get on a bunch of civilian crafts and get into manhattan.

he said i've got to get new york back. we are right now, but i can't do it by outfighting the british, because we're outnumbered nine to one, and you guy withs were much more experienced, and we're essentially a bunch of well meaning, tough farmers and merchants who just wanted their freedom, so he said i have to anticipate them. so they had to put spies in manhattan. they were able to look at the correspondence between washington and these spies and reconstruct three and a half years of the war, and, stuart, i've been working on it since 1992, since we got the deal two years ago with don yeager, i've been trying to hash it out. and i think we brought new intelligence and new information to it. stuart: yeah. >> and i was just fascinated to pursue it. stuart: look, brian, congratulations. i didn't realize you had such a broad range of interests. i knew you were big in sports and all-around news coverage, you're big on that. i did not know you were a historian at the same time. congratulations. now, the book really -- it's a great story. >> thank you. stuart: and the book really is up there in the charts, the

bestseller list, iss't it? >> i mean, i'm just stunned. i knew, i wanted it to sell, i hoped it would sell, but i never had any idea buzz like this. the frustrating thing is that pension wish/sentinel, we were all caught by surprise, so just be a little bit patient. thousands are flooding into the stores, and the holidays aren't even here yet, but by the end of the week, we're going to get them out front and center. the it's a good problem to have. stuart: real fast, give me 20 seconds on how you found out about george washington's spies. >> i actually saw they were commemorating when george washington came to long island to thank his spies in 1890, and i asked the guy to retrace the path. i said, or what are you doing? he said my paint washes away, and we're just doing this quarter mile. and he told me about the spy ring, he pointed to another historian, i went to the library, and and aye been pursuing it whenever i could ever since and talking to some great people who are historians who really know this stuff inside and out. stuart: you know, i might just

get out there and buy one and read it. that's a very good story, brian. congratulations, just terrific. thanks for being with us. >> thanks so much to you, stuart, i appreciate it. stuart: i'll take the commission check later. thank you very much. >> you got it. stuart: all right. you might think the 1%, they all live around wall street, don't they? big bankers, the hedge fund millionaires, you might be surprised so know where the fastest-growing section of one percenters really is. hint, it is not in downtown manhattan. we'll be with you with the details next.

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>> dow 16,000. now we know it can be done, we've got to keep it. wall street legend, best-selling author jim rogers on the idea that it's still not too late to buy in. join us tonight, 7 eastern. ♪ ♪ stuart: in the last decade, the d.c. metro area added more than 20,000 households in the top 1% of income. far more than any other area in the country. why would that be? government contracts and lobbying wealth. ain't that right, charles? >> it's right. i mean, listen, d.c., they don't make anything. it's not like the economic miracle of north dakota or texas with low taxes and job creation both from the private sector. this is just bringing a bunch of tax money, and you've got a

bunch of people fighting over how to divvy it up. we were promised this would go away, but, obviously -- stuart: it's worse than ever. >> the numbers are shocking. 31,000 households -- 21,000 households in the top 1%. washington, d.c., a high tax area, the worst income inequality in the area. you take the bottom quintile, the average -- the bottom 20%, they make an average of 9,000. the top 20% make an average of $259,000. i mean, this is amazing. so all this money is coming in, all these smart people are coming in, but the locals, people who have lived there for two decades, three decades, they're getting crumbs, if anything at all. it's amazing. stuart: and the three counties with the highest median income in the united states, there's three counties, are basically suburbs of washington d.c. >> louden, ball's church and fairfax. finish so it's just absolutely remarkable. they've got 19% of the population living below the poverty line, and i've got to tell you, people who keep voting

for this kind of stuff better with careful. you're not helping. it does not help. this is a crazy situation. we need to curtail government spending. stuart: well said. good last word there. your take on president obama's credibility problem. now, that's next. hi honey, did you get e toaster cozy? yep. got all the cozies. [ grandma ] with n fedex one rate, i could ll a box and ship it r one flat rate. so i kn untilt was full. you'd be crazy not to. is tt nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. wow...look at you. i've always tried to give it my best shot. these days i'm living with a higher risk of stroke due to afib, a type of irregular heartbeat, not caused by a heart valve problem. at first, i took warfarin, but i wondered, "could i up my game?" my doctor told me about eliquis. and three important reasons to take eliquis instead. one, in a clinical trial, eliquis was proven to reduce the risk of stroke better than warfarin.

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the issues are intimidation of gross by the irs, in limitation of care, and the alleged manipulation of jobs numbers i had of the election. here's what you had to say about all of this. the g.o.p. does not seem to have the will to stand up to it. saying is so steeped in ideology, he will go down with his sinking ship. we are seeing signs he will not

taking america with him. and a leopard never changes his spots, he is slick. he lets people think he is changing but in the end he is the same, obama. a lot of people are asking why obama chose not to attend the 150th anniversary of the gettysburg address today. when one person asked white house medications the mac communications, he said this. oh, i don't know, there is this whole website thing somebody suggested might cease trying the democratic party. that was kind of snarky. wasn't it? charles: as of the president himself is working on the fix. give me a break. it does not even begin to describe what we just saw a right there. stuart: you are on a roll. it is yours. dagen: we had kim burns on.

learn the address initiative, every living president including president obama recorded it and it is online. kyle just reported it as well. carl icahn throws a cold, wet towel on a hot market. who is buying what he is selling? your private information on the obamacare website, some lawmakers want to know how safe it is. and adjustable rate mortgage save money on your monthly home. and selfie's word of the year for 2013. maybe we can convince connell mcshane to take one of himself coming up on this hour of "markets now." connell: